Self employment quarterly estimated tax payments

[Jb Kumagawa]

I saw on another post that if we filed using your product for 2020, that we were sent the vouchers for estimated tax quarterly payments.

we can/should use these to make quarterly payments for this current 2021 tax year- am I correct in my understanding?

[NancyDrew]

Yes.  If you prepared and filed your 2020 tax returns with TurboTax, and had an outstanding tax balance due, then TurboTax automatically generates four quarterly 1040-ES vouchers with your printout.  You are not required to make estimated tax payments -- we suggest doing so, however, in order for you to avoid potential underpayment of tax penalties for the 2021 tax year.  

[Jb Kumagawa]

Thank you so much for the clarification!  This session has been very useful!

[NancyDrew]

You are welcome!  Thanks for being a part of our "Ask the Experts" Event.

[VolvoGirl]

How to make the Estimated payments

https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

The 1040ES quarterly estimates are due April 15, 2021, June 15, Sept 15 and Jan 18, 2022.   Your state will also have their own estimate forms.

Or you can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2021 Estimate

[NancyDrew]

Thanks so much for providing those links, VolvoGirl!